English
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On October 30, 2024, a special needs family planning lecture, co-organized by the New York Community Legal Aid Center and the Asian American Bar Association and sponsored by ILEAD Law Group, was successfully held at Kiddo in Staten Island. The event was hosted by Ms. Yanfei Ran, Chair of the Asian American Bar Association and founding partner of ILEAD Law Group, and attracted many parents concerned about the future protection of children with special needs. The lecture focused on how to effectively safeguard the quality of life, government benefits, and property security of children through trust planning, providing valuable legal advice and resources.
Ms. Yanfei Ran, drawing on her extensive experience in trust and wealth succession over the years, detailed the necessity of personal affairs and financial planning for families with children with special needs. As a mother of a child with special needs, Ms. Ran not only understands the actual difficulties faced by these families but also shared her personal journey in raising her child and how she overcame challenges through faith. She used simple language to introduce important concepts such as the ABLE account and Special Needs Trust (SNT), explaining the functions and characteristics of different types of SNTs, including first-party, third-party, and joint trusts, helping parents grasp practical planning strategies.
Particularly noteworthy, Ms. Ran also discussed the importance of guardianship planning. She pointed out that Chinese parents often make regrettable decisions when choosing guardians for their children with special needs, such as choosing unsuitable family members as guardians. Ms. Ran emphasized that advance financial and trust planning can not only provide long-term and proper care for children with special needs but also avoid common legal pitfalls, ensuring that children continue to enjoy government benefits while inheriting property.
Parents showed keen interest in the lecture, especially focusing on how to establish ABLE accounts, a tax-exempt savings account designed specifically for disabled children, allowing them to maintain eligibility for benefits such as Medicaid and Social Security Income. Attorney Ran used vivid case studies to help parents understand how to reasonably use these tools to better ensure their children’s future quality of life.
The atmosphere at the lecture was lively, with parents actively asking questions and interacting with Attorney Ran. Many parents said that the lecture deepened their understanding of trust planning and provided guidance for future planning. After the event, many parents hoped for more similar lectures in the future, so that families with special needs in the Asian American community could receive more legal support and assistance. The lecture not only enhanced parents’ understanding of trust planning but also provided them with practical resource links and channels for follow-up consultations.
